Carmignac Portfolio Commodities SICAV ISIN LU0164455502 Equity management

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Recommended minimum investment horizon : 5 years

At 17/08/2018
Michael HULME
Sector Equities
  • NAV : 319.51 €
  • D-1 : +0.45 %
  • YTD : +3.51 %
  • 12 Month : +19.42 %

We continue to favour companies without excessive debt levels capable of generating attractive returns on free cash flow in the long term.

2nd rank in the category natural resources equity fund over 10 years.

€uro Fund Award 2015
Germany
January 2015
All awards

Description

Global equity fund invested in energy, natural resources, and related industrial companies. By combining a fundamental top-down approach and a disciplined bottom-up analysis, the Fund manager aims to select quality companies with attractive long-term growth prospects and sustainable cash flow generation, across the entire commodity value chain. The Fund aims to outperform its reference indicator over 5 years..

Carmignac Global Strategy July 2018

  • Risky assets rallied
  • Lower oil prices
  • Pressure on core yields
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Exposure data

monthly weekly
July 2018
91.60 %
Investment rate
95.32 %
Exposure rate
Week from 3 to 10 Aug 2018
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Management Comments

Global

July 2018

The Fund posted a positive performance but slightly trailed its reference indicator. Oil and gold prices fell sharply in July. While oil prices were hit by a rising supply following the Vienna Summit, in the wake of the increase in Saudi Arabian production, the resumption of Libyan exports and discussions on reducing US strategic reserves, gold prices were pushed lower by the economic stimulus measures announced by the Chinese government. In this context, the Fund proved resilient, largely thanks to our oil refining and marketing companies (Marathon Petroleum), as well as our oil production and exploration companies, especially those in the Permian Basin (SM Energy, PDC Energy). The Fund’s performance was also boosted by its investments in commodity-related industries like semiconductors (Siltronic). On the other hand, the fall in our gold stocks (Goldcorp) proved costly. We have increased our equity exposure, which now stands at a high level.

Weekly

Week from 3 to 10 Aug 2018

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Legal information

The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Management fees are included in performances. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIIDs (key investor information documents) and prospectuses available on this website. The KIID must be made available to the subscriber prior to purchase.

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